Metromedia Fiber gets more time

Metromedia Fiber Network said Tuesday that it has received extensions from its creditors on the deadline for closing some of its loans. Citicorp USA extended its $150 million agreement with the high-speed telecommunications carrier until Oct. 1. The conditions of the new deal also state that the events surrounding the collapse of the World Trade Center on Sept. 11 must not have significantly affected any of Metromedia's business, assets, operations or financial status. The White Plains, New York-based company also announced that it received its fourth extension on its $235 million vendor financing deal until Sept. 19 and an extension on a $50 million convertible debt investment until Sept. 21. Metromedia, which warned earlier this month that it may file for bankruptcy protection, builds high-speed fiber-optic cable networks within cities and is experiencing hard times along with the rest of the telecommunications industry.

3 January 200212:43 am GMT

Metromedia Fiber Network said Tuesday that it has received extensions from its creditors on the deadline for closing some of its loans. Citicorp USA extended its $150 million agreement with the high-speed telecommunications carrier until Oct. 1. The conditions of the new deal also state that the events surrounding the collapse of the World Trade Center on Sept. 11 must not have significantly affected any of Metromedia's business, assets, operations or financial status.

The White Plains, New York-based company also announced that it received its fourth extension on its $235 million vendor financing deal until Sept. 19 and an extension on a $50 million convertible debt investment until Sept. 21. Metromedia, which warned earlier this month that it may file for bankruptcy protection, builds high-speed fiber-optic cable networks within cities and is experiencing hard times along with the rest of the telecommunications industry.